Government Venture

But, before going down this road, it is important to know the BC laws that apply to any company or other entity that raises money from investors. To find our more read our article: Seeking Equity Investment? Know the Rules

Step 3: Find Financing that Applies to Your Specific Situation

Here are some of the most common ways in which your business might be expanding, and some specific resources and suggestions to help you find the financing you need:

a. Hiring Employees and Contractors

• B.C. Employment and Labour Market Services. If you’re expanding your business and creating new employment, you might be eligible to receive subsidies that help with your human resource requirements, and offset labour force adjustments. The two programs that are available for employers are Targeted Wage Subsidy and Labour Market Partnerships. Refer to the provincial website for more information on these two programs.

b. Training New and Existing Employees

• Human Resources and Social Development Canada (HRSDC). If you are hiring and/or training your employees, you could be eligible for subsidies to help cover the costs. Refer to the HRSDC website for a listing of the available programs and to see if your business would qualify.
• B.C. Training Tax Credit Program. If you’ll be hiring and training apprentices, you could be eligible for refundable income tax credits equal to 10% of the salary and wages you pay, up to $4,000 annually per eligible apprentice. Please refer to the provincial website for more information.

c. Property, Plant, and Equipment Improvements or Expansions

• Canadian Small Business Financing Program. Under this program, you could be eligible for term loans to help finance the purchase or improvement of your capital assets. Refer to Industry Canada’s website for more information.
• Business Development Bank of Canada (BDC). If you’re expanding your business, you might be able to obtain growth financing through BDC.Contact BDC for more information on the programs they offer and how to apply.

d. Research and Development

• SR&ED Tax Incentive Program. If you’re investing in research and development work done in Canada, your business could be eligible for Scientific Research and Experimental Development (SR&ED) credits. Refer to the Canada Revenue Agency website for more information.
• Industrial Research Assistance Program (IRAP). If you’re planning to grow your business by using technology to commercialize services, products, or processes in Canadian and international markets, you could be eligible for IRAP funding. Refer to the National Research Council of Canada website for more information.

e. International Trade

In Canada, there are programs and associations that offer financial assistance to companies wanting to export their products. Refer to our Export-Growing section for more information.